Speculation is rife about an imminent and massive breakout for XRP price, as Ripple crypto stays the 7th largest crypto asset by market cap.
Essentially, XRP had a 4% uptick (3 cent pump), which has been enough to fuel predictions that Ripple’s token will reach its all-time high and then $10+. Yeah, we’re not sure where they’re getting this either.
How about $110000? Or $1 million?
Today, we want to talk about why XRP has a slight pump while the market dumps and a more honest price prediction.
The 2018 Bull Rally for XRP is Long Behind Us
In 2018, XRP had a meteoric 60,000% rise that has become a distant memory. Since then, it’s been a slow descent—but not without purpose.
For six years, XRP has been weaving a symmetrical bullish triangle on the charts, with lower highs and higher lows, all converging and hinting at a forthcoming shake-up.
Symmetrical triangles are the smoke signals of crypto patterns. For XRP, this one’s pointing skyward, echoing the mad gains of 2018, but we’re unsure if it’ll be an exact repeat of history. As economist Raoul Pal says, “Don’t bet on the last cycle’s plays.”
OMFG #XRP What if this is actually the future @TylieEric pic.twitter.com/1Ad1TN6bCc
— Cobb (@AlexCobb_) August 20, 2024
When the price points lower highs and higher lows, with two converging trend lines meeting at the apex, it suggests indecision in the market with decreasing volatility.
The Road Ahead: Potential and Predictions
In just 13 days, from August 5 to 18, XRP’s open interest jumped 28%, hitting $427.9 million. The price shot up 35%, outpacing open interest growth.
This surge smells like genuine buying, not speculative fluff. Real demand is at play here due to the recent XRP victory over the SEC, where they were labeled a security.
Looking ahead, XRP faces a significant resistance level at $0.61.
A symmetrical triangle breakout could send XRP’s bullish trend into overdrive. Already at a $30 billion market cap, achieving just half its 2018 surge would mean a 30,000% explosion, rocketing its market cap to an eye-watering $9.66 trillion.
Will this happen? We don’t think so—not yet. But we do think a safe place for XRP is a 5-x play on this bull run, which will also return many smart contract coins.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
